Ormat Technologies Inc. (ORA) Hits New 12-Month High at $45.53
Ormat Technologies Inc. (NYSE:ORA) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $45.53 and last traded at $45.38, with a volume of 47,527 shares trading hands. The stock had previously closed at $45.29.
Several equities research analysts have issued reports on ORA shares. Zacks Investment Research upgraded shares of Ormat Technologies from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a research report on Tuesday, May 10th. JPMorgan Chase & Co. lowered shares of Ormat Technologies from an “overweight” rating to a “neutral” rating and set a $43.00 target price for the company. in a research report on Friday, May 6th. They noted that the move was a valuation call.
The firm has a market cap of $2.24 billion and a PE ratio of 16.24. The company has a 50-day moving average of $43.69 and a 200-day moving average of $40.65.
Ormat Technologies (NYSE:ORA) last announced its quarterly earnings results on Wednesday, May 4th. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.24. During the same quarter in the prior year, the business posted $0.21 earnings per share. The company had revenue of $151.60 million for the quarter, compared to analysts’ expectations of $136.66 million. The firm’s revenue was up 26.1% compared to the same quarter last year. On average, analysts predict that Ormat Technologies Inc. will post $1.90 EPS for the current fiscal year.
In related news, VP Nir Wolf sold 5,854 shares of Ormat Technologies stock in a transaction that occurred on Monday, May 9th. The stock was sold at an average price of $42.90, for a total transaction of $251,136.60. Following the completion of the transaction, the vice president now directly owns 5,854 shares in the company, valued at $251,136.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Dan Falk sold 7,500 shares of Ormat Technologies stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $43.99, for a total value of $329,925.00. Following the transaction, the director now owns 7,500 shares of the company’s stock, valued at $329,925. The disclosure for this sale can be found here.
Several hedge funds have bought and sold shares of the stock. State Board of Administration of Florida Retirement System boosted its stake in Ormat Technologies by 57.9% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 49,855 shares of the company’s stock worth $1,818,000 after buying an additional 18,282 shares during the period. GSA Capital Partners LLP boosted its stake in Ormat Technologies by 133.7% in the fourth quarter. GSA Capital Partners LLP now owns 34,340 shares of the company’s stock worth $1,252,000 after buying an additional 19,649 shares during the period. Rhumbline Advisers boosted its stake in Ormat Technologies by 3.5% in the fourth quarter. Rhumbline Advisers now owns 44,139 shares of the company’s stock worth $1,610,000 after buying an additional 1,485 shares during the period. California State Teachers Retirement System boosted its stake in Ormat Technologies by 1.7% in the fourth quarter. California State Teachers Retirement System now owns 68,978 shares of the company’s stock worth $2,516,000 after buying an additional 1,144 shares during the period. Finally, Morgan Stanley boosted its stake in Ormat Technologies by 47.6% in the fourth quarter. Morgan Stanley now owns 28,498 shares of the company’s stock worth $1,039,000 after buying an additional 9,188 shares during the period.
Ormat Technologies, Inc is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. The Company’s equipment manufacturing operations are located in Israel. The Company conducts its business activities in two business segments: Electricity segment and Product segment.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.